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Bookmark or Share- Preliminary Agreement: Definition & Sample - Contract LawyersWhat is a Preliminary Agreement? A preliminary agreement is used to outline certain terms that two parties have agreed upon before the execution of the formal contract. Preliminary agreements can also be called letters of intent, heads of agreement, or memorandums of understanding.
- The four types of preliminary agreement - LexologyThree generally accepted categories of preliminary agreements exist, although a fourth has recently been considered in greater depth by the courts. CATEGORY 1
- The "Preliminary Agreement" – framing or frustrating the deal?When properly drafted, a Preliminary Agreement can provide significant upside to a proposed transaction. Preliminary Agreements are often used to bring focus to the early stages of a negotiation.
- Precontractual Liability and Preliminary Agreements - Harvard Law ReviewProfessors Schwartz and Scott develop a model showing that parties create preliminary agreements rather than complete contracts when their project can take a number of forms and the parties are unsure which form will maximize profits.
- Enforcing Preliminary Agreements | CLS Blue Sky BlogPreliminary agreements should therefore be thought of as setting ground rules for negotiations, which may include obligations of confidentiality, disclosure, and exclusivity. Significantly, these agreements can also create either express or implied legal duties to negotiate in good faith.
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